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  FOX Business    The Willis Report    News/Business.  
   Host Gerri Willis.  

    October 29, 2013
    9:00 - 10:01pm EDT  

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truncated time but tomorrow our guest will be here talking with his first extended interview with his brush with the law. gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" the obamacare rollout mess, when did the president know that millions of americans would be kicked off their health insurance plan? despite his repeated assurances to the contrary. >> if you like your health care plan you will be a will to keep your health care plan. gerri: also, a preview of kathleen sibelius' congressional testimony tomorrow, the head of the committee, chairman fred upton is here. finall and apology on the obamacare rollout. >> i want to apologize to you that these website has not worked as well as it should. gerri: will the site ever work for consumers? we're watching out for you tonight on "the willis report."
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♪ gerri: our top story tonight, another omacare lie exposed. the white house going on the defensive after it was revealed that they knew for years and l.a. is of americans could not keep their health plans. despite president obama's repeated assurances to the american public if they like their plan they could keep it. here to weigh in, a visiting scholar at the american enterprise institute and which lowry, editor for the national review. i will start with you. hundreds of thousands of people. nyh take a look at these numbers , california, new york, all of the country, florida, losing coverage. we were told not once, not twice, but multiple times that we could keep our insurance plans. what happened? >> it represents an enormous
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credibility problem for this administration. he said it repeatedly. it is on tape. we are hearing it over and over again on every media outlet. he did not know, you should have. this is a key basic element of the law, creating a federal definition of insurance. your plan does not meet the definition you are out of luck. anyone would have known this is going to happen. gerri: to you. the administration is fighting back saying that, well, look, the information was out there. he talked about this a couple of years ago in the media. it is all hats. do you agree? >> no. i mean, they never admitted, they never previously admitted until this very moment and millions of americans would lose the health insurance they had. as rates just indicated, the president has kept the line if you like your plan you will be able to keep it. everyone who understood the lot knew that was not always going to happen and specifically the obama administration regulations
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written for their grandfather plans that might have been allowed to keep going, they wrote regulations summarily in tightly that no one could ever meet the tests. they did this on purpose. they wanted the plan to close to force millions of people out of there are insurance and to populate the new obamacare exchanges. it was not an accident. this was intentional. gerri: it was intentional. do you believe that? i have the sense that the administration is totally on the sixes and sevens. apparently there were not told that the laws i was ready to go public. now you're in telling me that this was all intentional. >> if these changes are going to work and you're going to have the insurance pools working began in healthy people to sign up which means you cannot have them outside of the system by affordable catastrophic coverage it does not have all of these comprehensive benefits mandated by obamacare. you need any effect to get rid of those policies which is what the law and the regulations are about. the problem for the demonstration here, outwitting
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last night. nothing in the law that says this would happen. they can spend it any way that they want. nothing will overcome the cold hard fact of those cancellation notices which have forced this debate and force the media finally to pay attention. gerri: you are saying the tweet right there, shealks, of course, but the fact that nothing in obamacare forces people out of their insurance policies. but that is just not true, is it? these insurance policies have to match the mandate which says you have to have the essential health benefits that are diverse, various command the. >> that is is that right. as i indicated, there was a grandfathered provision. the administration wrote a regulation saying you essentially could not change any small provision in an insurance plan, otherwise you would become disqualified from a grandfather provision. every insurance plan has to say something every year, so they have all become disqualified and are no longer compliant and have
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to go into obamacare and cannot stand me more. that is why all of these cancellation letters and gone out the door. >> adelle 110 still is under, but he has a piece on a website that calculates that more people could lose their insurance of the next year. gerri: how is that possible? >> obviously at this point the obamacare website is so nonfunctional virtually no one has signed up. even the administration would have to admit no one is signed up for the new insurance plans under this system. meanwhile, though estimates indicate this would be in a couple million people that have already received cancellation notices to be if they're being forced to go into an nonfunctional system, by definition of peopl have lost their coverage for 2014 and have gained it at this point. gerri: tonight senator lamar alexander is begging, asking, begging for weekly reports. we cannot even get a monthly report. when is the administration going
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to fess up, come clean can tell the american people what they're d out as long asr money? they can and are hoping that the number takes up in the respectability and it could be a long time until that happens. very important political opporunity. ron johnson, senator from wisconsin will offer legislation grandfathering in these plans which will have a lot of political purges and put a lot of pressure on the democrats. gerri: is that the solution? >> absolutely. it is never too late for the administration to change course. i think senator johnson is during executive the right thing. pass a piece of leglation, exit to do what the president said it would. if you like your plan you can keep it. allow insurers to keep their old plans under the old rules going into 2014 which was of a big part of the problem it democrats and the congress and the president would agree. gerri: unfortunately hundreds of thousands of people are already at of insurance policies, and i bet there is one big constituency that would argue
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against this, the insurers themselves to have already changed the way that they do business to accommodate this law. it is such a mess and says dickey. guys, i appreciate your coming on. thank you so much for being with us. fascinating glamorization. he knows where it will the next. thank you very much. well, the white house promised average americans could easily signed up for the obamacare exchanges, but instead it is so confusing that the process of signing up is now being offered as a graduate course. the university of texas at austin is offering a graduate course on navigating the ins and outs of the obamacare exchange enrollment. starting this spring, this spring every thursday for three hours phd students will examine the texas experience through the federally run exchange at healthcare. maybe the folks in washington could sit in on a few glasses to see what a mess they have put us into. what a story.
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obamacare is now causing insurance companies, believe it or not, to dump doctors, leaving their patients out in the cold. with more on this from a president of new york state medical society. thank you for coming on the show. great to have you here. so pleased to join us. what is going not? >> physicians are receiving notices from united and part of blue cross blue shield and emblem that the termination from the medicare advantage plans. this is happening in many states across the country, and new york state, it is happening to many, many physicians and their patients. gerri: to you have a sense of how many of getting the boot? >> most companies won't tell us exactly how many doctors are involved. united told us that about 2,000 doctors from the downstate region are being terminated with about 8,000 patients involved in the downstate areas. gerri: people have got to be nervous and on edge.
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what is the impact of the marketplace? >> it is significant because a lot of patients depend on their doctors. they need continuity of care. some of the patients actually get the notice before the doctors got the notice, so they called up the doctor and there was confusion. it is very disturbing to patients. some of them are very fragile. in a disservice and necker tends to be deleterious to their health. otherwise it is just a big inconvenience to have to find a new doctor. they have to transport them. gerri: i am aware that obamacare is not working to build up medicare advantage. just the opposite. is that is what is going on? >> that is the excuse that one of the insurance company to less. 8 percent reduction in reimbursement for the medicare
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advantage plans. i have seen other figures, anywhere from one to 5% reduction. they tell you this is part of what they're going to cut costs. it does not really makes sense because you would think that an adequate network would be important. gerri: apparently it is not. we learn something new every day with obamacare. now, are you one of these doctors? >> i am not affected personally. gerri: but you know people who are, presumably. >> i do. gerri: how will the care be made of? >> the patient will have to find another physician in the network or they may have to switch to a different medicare advantage plan. gerri: are you getting complaints from consumers, patients who are upset with what is going out? >> yes, many complaints. people want their doctor to appeal. a lot of people are upset. gerri: thank you for coming on. it really is a great job you did explaining. we appreciate your time.
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gerri: now we want to know what you think. our question. are you worried about losing your doctor? log on to gerriwillis.com, vote on the right inside of the screen and we will share the results of the end of the show. readjust getting started. more to come this hour including one man's personal struggle with the obamacare. the white house putting out its minor league team uu for tomorrow's major the event. a preview from the head of the house committees set told kathleen sibelius' attack. congressman fred upton coming back next. ♪ the ocean gets warmer. the peruvian anchovy harvest suffers.
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[kevin] we decided to make our obsession our livelihood. [kevin] business was really good. [kevin] then our sauce supplier told me: "you got to get quickbooks." [kevin]quickbooks manages money, tracks sales and expenses. [paul] we even use it to accept credit cards. [paul] somebody buys a pie with a credit card, boom, all the accounts update. [paul] when we started hiring,we turned on payroll. [kevin] it's like our pizza.you add the toppings you want, leave off the ones you don't. [kevin] now business is in really great shape. [aouncer] start using intuit quickbooks for free at quickbooks-dot-com. gerri: calls are mounting for heads to roll over the botched obamacare exchanges, and "the willis report" is live from dc tomorrow as health and human services secretary testifies in public under oath for the very first time. joining me now, republican congressman fred upton of michigan to the drilling of this debacle tomorrow. welcome back to the show. tommy what you are expecting from the secretary tomorrow
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morning? >> we have a lot of questions. we sat down with republican members this afternoon and went through with people will ask. we're all concerned about the cost. they spent three years trying to develophe site, hundreds of millions of dollars. i don't know if you knew this, but it went down again today, yesterday, over the weekend. it is not ready for prime time. gerri: it went down today? >> it went down today. we just got a notice from cms p it went down an hour ago. so somehow they have to put this together. you remember that this is not -- we are not johnny come lately. we have been after this for awhile. the 13th hearing that we have had over the last year or so. and they assured us, look to us in the eye, it will be ready to run. they never even tested it end to end until only a week or two prior to the deadline. it failed then.
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meanwhile, that is the easy step. a tougher issue is going to be what happens when those providers or patients go to see their provider. the hospital, doctor. will they be larger in? gerri: and the story breaking all over the place for the last 24 hours that millions of americans are being told that insurance policy that you have right now is being cancelled. this was a promise that obamacare was so long. when a province complained about the law democrats said it is the law of the land. stand back because you're in the minority. it seems that if the law was solemn allied complaining about it makes all the sense in the world. >> that's right. millions, i'm not kidding, millions of people are being told that there insurance plan is being cancelled. i introduced legislation yesterday. we will charge to put it on the
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fast track. more than 50 co-sponsors of ready. h.r. 5330. if you have a private insurance plan earlier this year, january, you can keep it to each you don't have to give it up. you will not be fined if it is cancelled did we are hearing from folks his premiums have gone up. they somehow figured out how to get through the maze. and in it is going to be as much as of 400% increase in premium. thousands of dollars in additional costs that theyave to pay. it is not right. we are going to try to offer the choice. gerri: the administrationays people will pay less, not more, paying $50 per month for this news coverage. does that square with what you know of what people are facing when they are able to sign up? >> some people may pay less. that is for sure, but we did a study of it this summer that in
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45 states the average will be higher than what they're paying now. why not let them have the choice if they want to keep their health plan, they can keep it. if they can buy something that is better for them as their health needs change or whatever the factor is, let them decide what it ought to be, not the government telling them what they have to do. gerri: here is the of the promise. we just had a guest on moments ago talking about thousands of doctors in the state of new york that will be fired from medicare advantage. people of losing there doctors. if you remember, there was a promise that you could keep your doctor. basso in new york in many states across the country. what should be done about that? that seems to be in a sense of promise. >> you are exactly right. that was one of the promises. i am sure a number of members will talk about that tomorrow. this bill is not ready for
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primetime. that is what we have been trying to say. the stakes in time to see if we cannot fix it to allow people to have the choices that they need to have. you know, how many people actually signing of for this? have heard in some states it is pretty small. yet more people of being told that there will lose their insurance than actually have been able to sign non. the other question that we will be asking is the security of the information if the individual logsdon. even today the works for breaking a story about how it is pretty easy to hack. gerri: i looked at her testimony. it is already on line. you can read it. nowhere in here can i find the number of people enrolled. she is not going to tell you tomorrow. >> she will get passed, i can assure you that. last week the contractors to testified in essence set we are not going to tell you that hhs
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can if they decide to do so. we will be asking that question tomorrow. gerri: it is a pleasure seeing you. i will see you tomorrow because we will be in dc, for your hearing. thank you for joining us. >> thank you. thank you very much. gerri: coming up tomorrow, as i said, live from washington. the house firing squad. this will be a showdown that you will not want to mess. so you have to watch for that. later in the show, with nearly all americans have to say about obamacare. i am joined by one man who is in the struggle firsthand after numerous attempts, failed attempts to get obamacare. stay with us. ♪
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♪ gerri: from the glitch you website, the sky high premiums, obamacare has been a nightmare for the average consur. tonight, one man's experience navigating these boxed exchanges joining me now to my david. thank you for coming on the show. tell us -- we were talking of a break. you were informing me of how you win on that very first day. >> i went up there the first day obviously all it was was error messages. gerri: that is what they excel at. how long did you snd on the website that day? >> probably about two or three hours is trying to navigate, seeing what is there, and getting no place fast. gerri: you went back later.
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when did you decide to go back to the website? >> after we can have later. maybe after the 12th i went back. after everything i had read and heard on tv, you have to register if you want. all your information. prices, my own health care plan website. they still could not find out. things would cost about 50 percent more, if not double. i mean we're talking $602,000. gerri: is that your monthly premium? >> about 600. it read it is up matter if it was a bronze, silver, or gold. gerri: is it affordable? >> no. and after all this i went to the cat litter and found out i was eligible for medicaid. gerri: will you do that? >> why not. gerri: exactly. or you able to enroll in medicaid?
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>> the next part of the story. i get any message saying that there are automatically taken the healthcare.gov and foarding to the state because medicated may age is state jen, not federally run. so i had a number, registration number. so wait three days away ten days. waited a couple of days and called. i finally got the number of the state. i talked to this nuys and lydia the state level and asked her what i should do, every register or trust the government. she says, don't just as. [laughter] gerri: so a state employee says you cannot trust the website. is that right? is that why you did? >> that is a set to what i did. forty-five days to see what happens in the state level. gerri: to you feel like you are caught in something that is bigger than you are or do you feel like you are being manipulated by the system?
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it has got to be. >> you listen to shows like yours, but on the president, do this, that, and then picking on a guy. i'm not picking on anybody. it's the truth. gerri: you just want coverage. >> yes. i am still. i still need health care. what is the truth here? that is all i want. gerri: you can still earn about a doctor. at or near retirement age, very worried about their doctor. are you concerned? >> yes. before i register i found out in new jersey you have a choice of four major health care firms that you can register with them and you have to do it when you sign up. you have to register with blue cross or america care. there are two other ones. so i called my doctor's office
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to find out which one he takes. i don't know what the coverages. i went to their website, no affirmation. call them up. gerri: how frustrated were you? >> totally. that is when your office called me and i said yes. gerri: thank you for helping us out because people understand what an audio this is when you need coverage in you want it and want to pay for it. >> totally frustrating. gerri: thank you for being with us. any time. gerri: coming of next, not sure about how obamacare works? you are not alone. the results of a new survey coming after the break. ♪ weekdays are for rising to the challenge.
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gerri: almost one month after the obamacare exchanges so been in three years after becoming a law only one at a seven say the health insurance has improved only 50 percent are how the law affects them. we have an insurance analyst at bank rate.com. sometimes you don't get the numbers through the intro. so many people, one of 10 save the health insurance situation has improved you would have thought that those numbers might be higher? >> that was among the uninsured respondents one out of 10 that their situation is getting better and of course, this is a group that obamacare is most aimed at helping the only 35 percent said their health
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insurance situation is improving. of lot of pessimism but we are not sure why. maybe they have difficulty getting to the web site or they heard medicaid may not cover them if they are low-income. but the pessimism does exist gerri: people don't know where to go for information? >> first given that trauma over the past month involving obamacare including the government shut down and the fiasco with the above site are you more or less curious about obamacare? 51 percent said they are more curious. if so, if you know, where to go for more information? these were rather disturbing , only 43 percent rather they said they had no idea where to go of the general public and almost half of the uninsured
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respondents said they did not know where to go. we are three years into the process the lot is lurching into effect and people don't know where to go. gerri: also the cost. 36 percent said the cost increase only 5% say it decrease to. so we will bend the curve on health care costs but it does not seem to be working out that way. >> is a question we have then asking for a couple of months. 40 percent said they believed the health care cost was rising now it is 36%. not much of a change and the goal of the affordable care act is to bring down the cost of people are not perceiving they are saving anything but many think they are paying more broadly 5% think they payless.
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gerri: but people really were not going to the doctor or picking up their medicine and. also you have feelings about obamacare one year later 25% feel more positive view would have thought maybe this would have been gender the upbeat feeling but not really? >> it seems it is not getting out to the population that supposedly would benefit the most. health care .gov is the administration's primary source for information. they may realize or sink the entire web site has problems and are afraid to go there but there is information there of the affordable care act. gerri: there is a lot of information floating around for you have to trust
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somebody in that is the problem. >> also a lot of great to information on bank rate also. gerri: hhs secretary sebelius testifies before the house but the senate has a genius to ask questions the senate finance committee is requesting sebelius to testify wednesday, november wednesday, november 6 on the obamacare web site. we will be in washington d.c. tomorrow to cover the hearing. preparing for retirement is not just your 401k but a big life change. why should you be avoiding why should you be avoiding some high-yield products? this is the quicksilver cash back card from capital one.
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gerri: you should know dash rock issued a a new investor alert what they are how they differ from traditional mutual funds and what to ask before investing in them. they're warning you that trouble lies ahead we will talk about this with rick, welcome back to the show. people have the sun said they don't know how it is different. help us to know what a closed end fund is. >> it is simple. you put money in and out with of the end that lois hases shares available but the closed-end it does not they produce a certain number that is all they sell if you ever want to sell
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yours in the future you have to go to the new york stock the change to get rid of them. because of that the shares usually sell for a big discount to their actual value in people don't realize that. gerri: why have they become so popular? >> people are upset with the fact that banca callebs peto low rates of interest so the closed end funds make a promise for three or four or five or 6 percent annual yield and retired clients chase the yields looking for higher income not realizing the income is often a return of their own principal. gerri: what else do i need to watch out for? it is a problem waiting to happen and? >> it is. don't fall victim to the notion to try to find higher
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yields for the closed-end funds could b a big trap also those that invest in the oil and gas fields it is called old and the ground with a wire on top. [laughter] so don't chase those annuity products, a master limited partnerships, these are real estate investments that don't trade once you buy it you cannot sell it for almost any price.orried those that are chasing these yields not realizing the risks they're taking along the way. gerri: if you are determined to buy the clothes and fund held that it might as investment objectives? >> only if you are willing to be totally dependent on income not try to show in the short term because you'll pay a big commission
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to a broker to sell it to you so 100 percent of the money is not invested in your dependent on the income it could generate so you have to be willing to take whatever it throws off and hold it at least five years to get your money back. gerri: you can find in the prospectus? >> yes. make sure you do read the prospectus. a ignore the glossy sales literature and ignore any verbal commentary oral promises mean nothing. rely on the prospectus those are written by lawyers usually to re-read by other lawyers so it may be hard to go through but simply don't buy the product. gerri: how much of what i paid of the shares of the
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ipo will actually be invested? >> it could be as little as 90 percent of the amount or in other words depending on the ipo or the closed end fund it could be between four and 10 percent commission that means all the ninth in line dash 90,000 is investments with has to rise 11% just to break-even. this is why the odds are stacked against you this is why wall street loves to sell but investors and should look elsewhere. gerri: for it yield this is not the place to go. mr. edelman. thank you. now the stories tonight on fox business.com. federal reserve policy makers have the meeting while the investors stick with the expectation the stimulus will continue. the dow was triple digits pushing into record territory.
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confidence in the economy is sagging. the index dropped 71 from 80 the previous month. the lowest level since april. t.a.r.p. inspector general says it expects to close to $10,000,000,000.5 years ago it had taxpayer dollars to bail out the auto company. we still own 70% in to break even they would sell a $140 each right now the price is just $36. home prices of 13% in august the fastest gain from 2006. according to s&p case-schiller prices rose just shy showing the rate of increase could be slowing. those are some of the stories on fox business.com. up next three years of the question how do you do that? and with those golden years that have nothing to do with
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gerri: you have heard a lot about saving for retirement but what about mental preparation? this new stage comes with big changes and your might pass to be just as prepared. of 8q for coming back. dash find over and over men have such a hard time with retirement.
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they don't know what to do. why is that? >> women are used to reinventing themselves different stages with different careers in different points as the mother, wife, a working woman is. >> it is just a transition. gerri: news say that's psychologically getting close to retirement you go through changes. what are those? >> of lot of hesitation, feeling if you are out of the workforce and put out to pasture instead of looking at as the adventure. as the down side but some people really look forward to this because they have a hobby or a passion. gerri: you say there are things that you could invest in to help you through this process. one of them being work? >> absolutely working and
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the love keep you going. that can transform itself into a different kind of work when you're retired in do something you have never done before. volunteer work. gerri: people who they always want to work with. relationships with a significant other? >> you can get to know your family and grandchildren which is a joy and pleasure. everybody says they should have grandchildren before children. [laughter] but it changes your relationship with your significant other because you have to respect the fact you are in new phase of life and also do things together. plan on doing things together. gerri: this is important and interesting. a lot of couples wanted more time to gather but this much time? >> you have to plan on having together time and not
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together time in respect the fact you're each individual's it had different interest but you do have to make sure that you continue to do something together even if it is taking a walk because it is a different phase of life. gerri: also say growth you have to do new things? >> intellectual and physical growth is important. keep on working yo mind to being crossword puzzles, scrabble, taking classes, and museums, . gerri: gardening and playing golf. i could be busy at all have to work. also social relationships. to have a network set around what you do for a living those people will drop out. >> a great opportunity to meet new people with new connections. a lot of groups upn join or
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universities to have class's , extension class is for use as an opportunity for do things. it is an adventure intellectual and physical as well. gerri: you talk about how people are not mentally prepared to talk about the emotional trauma is that consuming a lot of peoples energy's? >> it does to the disadvantage not enough stock of what you we're doing. this is more important in retirement because you have more time to invest in yourself. >> most people these days don't think they ever will retire so thinking about that is probably a pipe dream but a nice thought as well. thank you for coming. we will be right back with the answer to the question of the day are you worried
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lougerri: more and more broken promises from the white house when it comes to obamacare, changes in the law impacting medicare may cost you your doctor. are you worried. we asked on gerriwillis.com, 79% said yes, 21% said no, log on to gerriwillis.com for our on-line question every weekday, wow. arizona said, i am concerned about the fr privacy issues, it scares me. the government will share medical information across many government agencies. true enough. regina from alabama, another line of thought on obamacare, over 637 million was used to start a program most americans did not need, so they could end
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in an insurance system that was working for most of us, how many uninsured could this month have helped cover? >> here is jeany from california, said i'm pissed our elected officials are not adult enough, to handle their jobs, they are jeopardizing our nation, or economy, and reputation for what? we need real long-term strategies now, get over yards, get to work handling the people's business. >> i love hearing from you go, to gerriwillis.com. gerri: we've been talking about the disast er that is the obamacare roll out, nearly 5 weeks but the problems are not resolved, not yet. this weekend, the web site failed again, portal failed. but to be clear, the web site should be the easy part. successful on-line marketplaces are launched every day, we're
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seeing elements of the real trouble, hundreds of thousands of people told they will lose their healthcare, after the president promised they could keep it and more frightening, thousands of medicare recipients told their doctor's contracts are being terminated by insurers, not only with you not keep your coverage but you can't even keep your doctor. democrats say that obamacare is law of the land, sure enough but it needs to be reconsidered. it was sold on false promises, that is my two cents more, coming up, a travel to dc in search of obamacare, we're live from our nation's capitol, kathleen sebelius faces tough questions in the house, that is if for though night a willis report, dvr the show if you can't catches live, join us tomorrow in dc, special coverage continues of obamacare, we'll
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see you tomorrow. lou: the head of agency responsible for the implementation of obamacare today stared down congress, she refused to reveal the number of americans enrolled in the program, and a day after admitting they did not tell the truth, the house today began a new campaign of blame. i am lou dobbs. >> good evening, the administrator of centers for medicaid and medicare services marilyn t tabiner stonewalled. refused to answer questions, and told

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